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How much should be recorded as goodwill for this transaction

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Question - Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item Amount

Accounts Receivable assumed by buyer $108,000

Inventory $285,000

Property, Plant & Equipment (net) $580,000

Notes Payable assumed by buyer $675,000

Required - Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132478902

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